Oil Holds Loss as U.S. Stockpiles, Demand Outlook Sap Sentiment

Tuesday, 16 April 2019 08:49 WIB

Minyak WTIPasokan Minyak


Oil held losses below $64 a barrel as concerns over rising American crude inventories and slowing growth in the world's biggest economy weighed on sentiment.

Futures in New York were little changed after dropping 0.8 percent on Monday. U.S. stockpiles, already at the highest since 2017, are set to rise for a fourth week, according to a Bloomberg survey before data due Wednesday. The S&P 500 Index of stocks halted three days of gains on Monday as disappointing bank earnings raised questions about the resilience of corporate America.

West Texas Intermediate for May delivery declined 4 cents to $63.36 a barrel on the New York Mercantile Exchange as of 9:27 a.m. in Singapore after rising as much as 0.3 percent earlier. The contract fell 49 cents to $63.40 on Monday.

Source: Bloomberg


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